WVSOM participates in all federally funded financial aid programs including the Federal Stafford Loan, the Federal Perkins Loan, the Graduate/Professional PLUS Loan and Federal Work Study.
For more information about loan programs visit the links below:
The Primary Care Loan Program (PCL) is a low cost federal loan program for medical students committed to primary health care practice. The interest rate is five percent (5%) and begins to accrue following a one year grace period after you cease to be a full-time student. When compared to other federal student loans and private loans, the PCL provides significant savings.
The WVSOM Foundation, Inc. makes available on a first come first serve basis short term low-interest loans to qualified students in need. The maximum loan is $1,000 with interest accruing at 6% for the first 90 days and 10% thereafter. To facilitate processing, loan applications are handled through the WVSOM Foundation Office.
The monies for these loans have been made available through fund raising efforts of the Foundation and are distributed via one of three funds. They are:
Please complete the WVSOM Short Term Loan Application and submit to the WVSOM Foundation Office. Loan applications will be processed as rapidly as possible, usually within 3 to 5 days.
During year four it sometimes becomes necessary to have additional funds available to cover the cost of internship/residency interviews.
Many students also find they need additional financial assistance when relocating to the internship/residency site.
Following is a list of links to companies that offer these loans. All of these loans are credit based and need no school certification.
A healthy credit score is important if you want to borrow money, whether you’re applying for a new credit card, student loan, or car loan. It can also help you get a better interest rate on that loan. These tips can help you build your credit score, whether you’re new to credit or want to see your score go even higher.
Your credit score is a numerical representation—FICO Credit Scores are the most widely used—with a range of 300 to 850. The number helps lenders evaluate how creditworthy you are, namely, how much of a risk it is to lend you money; in short, how responsible you are with your finances. The score is largely based on your outstanding credit, payment history, and public records. The higher your score, the more likely you’ll be to qualify for that new credit card or loan.
It may sound simple, but this is one of the most important factors in how your score is determined. Lenders want to be sure you’ll pay your bills; a payment that’s even a few days late can dampen your score. This doesn’t only cover credit card bills—delayed cellphone, electric, and rent bills can impact your credit if they’re reported to credit bureaus.
It’s best if you pay the entire amount due each month. But if you don’t, try to pay off as much as you can. Just because you have a high credit limit doesn’t mean you should keep your balance up to that limit. It’s a good rule of thumb to keep your total debt lower than the overall credit that’s available to you—below 30%, if possible. The lower, the better. Why? If you get too close to your limit, creditors may think you’re biting off more than you can chew, or that you’re supplementing your income with credit.
Creditors want to see how you’ve been managing credit. Your credit history shows how long you’ve been using credit, how you’ve handled that responsibility, and how responsible you’ve been.
If you’re at least 18 years old, getting your first credit card may be a good way to start building your credit history. There’s a catch, however. If, like many teenagers, you don’t have strong credit yet, your best bet for approval might be to apply with a creditworthy cosigner—an adult who’s willing to share the responsibility legally with you. Their good credit can help you get approved, and when you pay your bills on time, you can start building a good credit rating—just like when you have a cosigner on a private student loan.
Applying for lots of cards won’t necessarily boost your score. You could be tempted to use them (and spend more), plus, a lot of inquiries on your credit report may raise a warning flag to potential lenders.
Now that you understand what makes up your credit score, it’s important to check your credit reports—that’s how your credit score is established. There are three national credit reporting bureaus: Experian, TransUnion, and Equifax. You’re entitled to a free credit report from each of them every year, which you can request from AnnualCreditReport. Be sure you check your reports for accuracy and take care of any problems ASAP.
The best thing you can do to keep your credit score healthy is to pay your bills on time. Also, be careful not to exceed account limits, and make sure none of your accounts are delinquent. If you take these steps, you can achieve a higher, healthier credit score. And that’s something that money just can’t buy.